Abu Dhabi conglomerate International Holding Company (IHC) has said it is acquiring Arena Events Group, an events services company listed on the London Stock Exchange, through a consortium.
The consortium named Theta Bidco, which consists of IHC and Saudi Arabia-based Tasheel Holding Group, has offered to take over Arena for a recommended offer of AED359 million ($98 million).
According to the terms offered, Arena shareholders will receive
21 pence in cash for each share.
IHC and Tasheel will own 70 percent and 30 percent of Arena issued share capital, respectively, the two companies said.
In a statement, the companies said Arena is a turnkey event solutions provider, supplying temporary physical structures, seating, exhibition services, refrigeration, fencing and barriers, ice rinks, furniture, and interiors for events across Europe, the Middle East, Asia, and the Americas.
Peter Abraam, Chief Strategy and Growth Officer at IHC, said, “Arena’s reputation in the UK, America, Middle East, and Asia, as one of the largest and most experienced event and hospitality structure companies, provides significant value, synergies, and global reach to IHC’s diversified portfolio of companies.”
He said Arena’s “robust” geographical presence and “pivotal office locations” remain the foundation to further grow its international footprint.
“Our aim is that IHC’s global business channels and presence will strengthen Arena’s ability to enter new markets and diversify its offerings, reflecting positively on the company’s future growth,” he said.